Rover will certainly dismiss the obvious again...
Post/CP say AutoCanada warns about challenges ahead
2015-03-20 09:15 ET - In the News
The Financial Post reports in its Friday edition Edmonton-based AutoCanada says 2014 was a good year but 2015 will be challenging. A Canadian Press dispatch to the Post says AutoCanada's fourth-quarter revenue nearly doubled to $653.5-million from $319.7-million and its adjusted net earnings rose by 47.8 per cent to $13.3-million, or 54 cents per share. For the full year ended Dec. 31, AutoCanada's revenue was up 57.2 per cent or $805.7-million to $3.2 billion, while adjusted net earnings increased by $13.6-million or 35.8 per cent to $51.6-million. However, AutoCanada said the latter half of December and first two months of 2015 have been challenging for the company, especially in Western Canada, thanks to lower oil and gas prices. It says vehicle sales in early 2015 have been significantly lower than forecast and margins have been narrower. It blames lower consumer confidence in the West and record snowfall in the Maritimes. "The company is aggressively taking the necessary steps to address these challenges at the individual dealership level," the company said it an earnings report issued after markets closed Thursday. AutoCanada operates 48 dealerships in eight provinces.